BuzBuz Capital and Inolife Announce Proposed Qualifying Transaction

TORONTO, Aug. 07, 2020 (GLOBE NEWSWIRE) -- BuzBuz Capital Corp. (“BuzBuz”) (TSXV: BZBZ.P), a Capital Pool Company, and Inolife R&D Inc. (“Inolife” or the “Company”) are pleased to announce that they have entered into a non-binding letter of intent to complete a business combination (the “Transaction”). The letter of intent was negotiated at arm’s length and is effective as of August 6^th, 2020. 

Information Concerning BuzBuz

BuzBuz is a company existing under the laws of Ontario, a reporting issuer in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario, and a Capital Pool Company listed on the TSX Venture Exchange (the “Exchange”).  BuzBuz has not commenced commercial operations and has no assets other than cash. If completed, the Transaction will constitute BuzBuz’s Qualifying Transaction pursuant to the policies of the Exchange.

BuzBuz currently has 9,500,000 common shares (“BuzBuz Shares”) issued and outstanding, of which 6,300,000 BuzBuz Shares are currently held in escrow pursuant to the policies of the Exchange.  In addition, BuzBuz has granted stock options to acquire up to an aggregate of 900,000 BuzBuz Shares at a price of $0.10 per share (the “BuzBuz Options”) to directors and officers, and broker warrants to acquire an aggregate of 250,000 BuzBuz Shares at a price of $0.10 per share (the “BuzBuz Warrants”) to a certain investment dealer. Other than these BuzBuz Shares, BuzBuz Options and BuzBuz Warrants, no other securities of BuzBuz are outstanding.

Further information concerning BuzBuz can be found in the prospectus of BuzBuz dated April 30, 2019, which is available under BuzBuz’s profile on SEDAR at www.sedar.com.

Information Concerning Inolife

Inolife is a private company with its head office and principal place of business located in Toronto, Ontario and existing under the laws of Canada which was incorporated in September 2017.  Inolife is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. Inolife commercializes needle-free injection systems that have regulatory approvals to be sold in over 40 countries globally. The company was founded to take advantage of novel techniques of liquid jet and ballistics-based epidermal drug injection that improve patients’ quality of life by making medicines easier to administer, work better, and remove the anxiety and inconvenience associated with hypodermic needle injections.